Q2 earnings of Boyd Gaming surpass the billion-dollar mark
Boyd Gaming Reports Strong Q2 2025 Performance
Boyd Gaming has announced impressive results for its Q2 2025 earnings, with a total revenue of approximately $1.0 to $1.034 billion, a net income of about $150.4 million, and adjusted EBITDAR around $357.9 million.
The Las Vegas locals market played a significant role in this growth, marking its strongest quarterly performance in over two years. The segment's margins neared 50%, reflecting disciplined cost management and a focus on high-margin offerings. This robust performance contributed significantly to the company's overall outperformance, supported by broad-based growth across other segments such as the Midwest & South and Online.
Keith Smith, President and CEO of Boyd Gaming, stated, "We delivered a strong performance in the second quarter." The company's net income per share for the second quarter was $1.84, and adjusted earnings per share were $1.87. Boyd Gaming also repaid a quarterly cash dividend of $0.18 per share on July 15.
The Las Vegas locals segment recorded year-over-year growth in both revenue and adjusted EBITDAR, while the online segment showed growth from the company's online casino gaming business and modest growth from market-access agreements. The Midwest & South segment continued to show growth in revenue and adjusted EBITDAR, led by strong results at Treasure Chest Casino.
As of June 30, Boyd Gaming had cash on hand of $320.1 million. Considering the additional authorization, the company had approximately $707 million remaining under the current share repurchase authorization as of June 30. Boyd Gaming also announced a transaction to sell its equity stake in FanDuel.
In the second quarter, Boyd Gaming repurchased $105 million in shares of its common stock. On July 17, the company's board of directors authorized an additional $500 million under the company's share repurchase program. Boyd Gaming reported second-quarter revenues of $1 billion.
Managed and other results were driven by continued growth in management fees from Sky River Casino. The company's net income for the second quarter was $150.4 million. As of June 30, Boyd Gaming had total debt of $3.6 billion.
In summary, Boyd Gaming's Q2 2025 earnings demonstrate strong growth across various segments, with the Las Vegas locals market being a key driver. The company's focus on cost management and high-margin offerings has resulted in impressive margins and revenue expansion, helping Boyd Gaming exceed market expectations and reinforce operational resilience.
The Q2 2025 earnings report of Boyd Gaming showed remarkable growth, with its focus on finance and industry sector extending to the casino-and-gambling culture, as evidenced by the growth in casino-games revenue. The company's robust performance in the Las Vegas locals market, with its casino-games segment showing significant year-over-year growth, played a pivotal role in this expansion.
